Watchlist June 4th 2019

SPY - Nice overnight bounce, I swung a call which I may secure profits on near open. We have Powell speaking at 9:55 am so who knows how the market will react to that. The max upside I see is ~$279 area which has fib confluence, previous resistance and is near a respected down-trend line. Before we have a chance at that level we’ll have to pass this $276.71 resistance, which once again, is a fib level that agrees with previous support / resistance. $277.82 is the next fib level. On the bearish side we could test yesterdays lows or even break them depending on how the market reacts to the fed today.

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NFLX - Solid close below that key level of support I been mentioning in chat and here in my watchlist. We saw a decent bounce and rally at the end of the day yesterday. What I’d like to see is a failed attempt to break above that support line we lost (dashed magenta) to enter puts. The line is very close to where we are right now and NFLX’s opening range is generally greater than that regardless of direction. If we reject there I’ll consider this a strong bearish sign. I won’t be looking for calls on NFLX for a few days as I believe we have a big down day ahead of us after losing that key support.

If we break above that level, I’ll be watching for rejections near $343.88 or even $345.71 for puts.

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